The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-06-17

II n1G0 tA0 hh0NbgAN w AoANI Xf18tACy
Esglesion 10 assume the responsibility
OF KersbaRs debts. Egrleston L. Q
millionaire, and u In ssid hes bsea-a
special partner Of Kershaw for some
time. II Is also FumoIed that long
conference was held 10 Armour's Of.
fee this morning at which-efurts
were made 10 induce Armour to put
up the money 10 carry Kershaw
through. The result OF the conference
is not known.
IL A L-rhe appearance which the
wheat pit presents at this hour lie
ludicrous % conn ared with the in
tensiiy which has prevailed during
the past few dsys. A dozen members,
dealers in a small way, have taken
possession Cf the pit and are shouting
| themselves hoarae in their tffarts TO
buy or sell thou aud or two bushels
OF wheat. No one seems to care to
transact any business. All is listlees.
The more prominent dealers are STROLL
ing about the hall or sitting In the
cool window recesses gossipiDg about
the situation. July wheat continues
to huctuate between 72i973c.
Noon IT. Z Bedding & Co., who
suspended yesterday and then sn-
nounced their solyency, have again
requested that their trades be closed
out. 80.
The Official report OF the Clearing
House is very late in coming In, but II
is said ON the floor that everybody
went through the Clearing House all
right, and members are alresdy begin
ming to ga her in the wheat pit. July
wheat hes advanced to 7Stc.
JOHN s. BYRAHT d co. FAIL.
inst at the close of the morning
session John ]. Byrsnt & Co, an
nounced that they desired that all
their trades be- clUte1 our. This is a
heavy failure, involving as much 90
that OF b j. McCltaTy yesterday. No
exact estimate OF the liabilities can be
given, bu, it ia thought that they will
amount to over $4,000.
IN TIMEs CT TR5UBLK
like the present, those who ara not
too badly hurt and those who have
ta1 barrow etcapes, which means
nearly everybody now left on the
Board OF Trade, naturally turn to
think q plans to prevent similar diff
cullise In The future. Those OF traders
who found nothing ellie to do on the
for today talked Of new rules. A
plan was suggested similar to that
now used by the new Stock Board.
Under 1t all trades would be settled at
the close OF zach day the loser paying
the difference. This was very gener-
ally discussed while waiting for the
noon announcements. Many favored
it. Perhaps minority thought it
ought to be tried, but q majority Just
at present 10 doubtless in favor OF any.
thing that is rev. Those who oppose
1t thought the chiei objection to it lay
In the fact that the man who had to
pay when the market went sgainst
him would have no security or
satisfaction OF any part except tina. he
might demand margin deposit in re-
turn, but margins then, a3 now, would
be very uucertain. There was lots OF
grumbling today about the failure to
put up margins Several brokers said
they had made repeated calls the last
few days, and had been repeatedly
answered that the money had been
put up; also had just sent to the bank
with q check, or the check would be
sent over inside OF ten minutes or some
such similar answer would b 4, returned
and yet the money was rot up. These
men urged that at least one party to
each trade would be no better off
under the new system than the
other.
sokNKs AT THE COURTHOUSE.
The clerks Office and the courthouse
had hardy opened today before the
attorneys for suffering Board of Trade
speeulstors began crowdipg in with
afiidavits for att ichments on which to
have service OF garnishees secured.
Among the first to appear was Atror-
noy Riddle, who smiled as he called
flr O blank. 81 want to file little
case" he said, and then receiving the
blank he proceeded to write: Joseph
W. Wiltshire and Howard Erkert. do,
ing businefs as Wiltshire, Eckert 4
Go. against Maurice Rosenfsld and
Frank johnson, doing business as
Maurice Resented & Co., trespsss on
the case OH promises, 50 000,000
When this was done he paid the clerk
SO aud retired with summons direct
ed against the defendants.
Rosenfsld yesterday commenced
suit for 81 ,000, 900 sgsinst Wiltshire,
EckeTt 4 Co The complainants aim
that they were sold out without for.
NAL aut oity and without giving them
an opportunity to put mp margins.
They further claim tuat the funds fur
nishtd the firm we're not used accord
ing to instruct ons, and that II they
had be 80 used the firm need not
have failed and the market would not
have heen depressed. II IL also
CLAIM cd that defendants owe Kershaw
4 Co SIS, 900; also that they are liable
to repay all the money advanced them
as margins.
The other early birds we're: W. P.
Tutle, who secured an attachment
against Hand Bros. & Co., $3.50; Il II.
StdgewlCk against the same, $500; ;
william s. Ada ma against Rry an J.
McOleary Il Co.,, 500; w. G. Press,
against b. ], McOleary 4 Co., $l3S7 90;
W. ] Press against NJ \. Robinson
STAT 90; B. j. McOleary for use of
wilson 4 Boyd garDishee against B.
P Hutchinson & o., for $3.50.
Victor W. MaCiarlsne commenced
suit against B. ]. MCOleary for S25 600,
and secured an attachment in aid to
protect him, and B, j. McOleary & Go.
confessed judgment on note given
yesterday to Wi son & Boyd for $4,000
This Is the frst pieos OF paper during
the panic which has yet appeared in
court.